Hong Kong Dollar Drops to Weak End of Its Fixed Trading Range
The Hong Kong dollar dropped to the weak end of its fixed trading range against the greenback, as cheap funding costs encouraged investors to borrow it and buy the US currency.
The city's dollar weakened to trade briefly at 7.85 against its US equivalent on Friday, for the first time since 2023, according to traders familiar with the transactions who asked not to be identified because they weren't authorized to speak publicly. It has tumbled over 1% from an early May high when it touched the strong end of its 7.75-to-7.85 permitted range against the US dollar.
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